Medical Applications Of Computed Tomography To Boost Growth Of The Global Computed Tomography Market
Market Overview:
Computed tomography, commonly known as CT scan, is an important medical imaging technique that utilizes computer-processed combination of many X-ray images taken from different angles around the body and uses special software to create cross-sectional images of the bones, blood vessels and soft tissues inside the body. CT scan has higher image resolution than regular X-rays to detect tumors, fractures, bleeding inside the head or body, infections, blood clots and other abnormalities much better. Its key advantages include that it is non-invasive and does not require surgery. It also provides more detailed pictures of organs and soft tissues than regular X-rays. The 360 degree scans create an image of thin cross sections of the body.
Market key trends:
One of the key trends driving the growth of the computed tomography market is rising demand for early disease diagnosis and increasing number of CT scans procedures worldwide. As per estimates, over 80 million CT scans are performed annually in the United States. CT scans have major applications in the diagnosis of medical conditions like cancer, coronary arterial disease, neurological disorders and other chronic diseases. Another factor fueling the market growth is technological advancements in high resolution CT scanners with advanced features such as fast scanning, portable systems and multi-slice CT scanners which are boosting adoption rates. Increasing healthcare expenditures and improved reimbursement policies are also propelling the market forward.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the computed tomography market requires substantial R&D investment and manufacturing capabilities. Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of numerous players offering similar products at competitive prices. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute components from different suppliers. Threat of new substitutes: The threat of new substitutes is low as computed tomography is an irreplaceable technology for diagnostic imaging. Competitive rivalry: high.
Key Takeaways
The Global Computed Tomography Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing geriatric population and rising prevalence of chronic diseases.
North America dominated the global computed tomography market in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to the rising healthcare expenditure and growing demand for advanced medical imaging systems in the region. Asia Pacific is expected to witness the fastest growth rate over the forecast period owing to increasing healthcare spending and improving medical infrastructure in countries such as China and India.
Key players operating in the computed tomography market are GE Healthcare, Koninklijke Philips N.V., NeuroLogica Corporation, Neusoft Medical Systems Co. Ltd., Hologic, Carestream Health, Toshiba, Analogic, Arineta Ltd., Eaton, Siemens Healthineers AG, FUJIFIM Corporation, Kromek, Shanghai United Imaging Healthcare Co., Ltd., Lumafield, Xoran Technologies and Koning Corporation. GE Healthcare dominates the global computed tomography market share owing to its diversified product portfolio and strong geographical presence across the globe.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it